Dad: Son, how do you generate these 24 seed words?

Do you pick random words from your head?

Son: Hi Dad,

This doesn't work that way. First, these words are special words, taken from the "BIP39 Word List". Second, picking words from your head is not random and therefore a bad idea.

I don't always generate a new seed, but when I do, I use dices.

Dad: Why dices? How does this even work?

Son: Dice rolls provide entropy. You could also flip a coin as a source for randomness. The process is simple and is available in BlueWallet (advanced mode), SeedSigner and in every Coldcard.

#Bitcoin

Dad: Son, do you have a good Bitcoin investment strategy you would like to share?

Son: Hi Dad,

Sure. Don't trade, don't sell – that's the strategy.

Holding bitcoin is savings, not investing.

People with a high time preference will invest their fiat money seeking for fiat gains.

#Bitcoin

Son: Dad, your Bitcoin mnemonic seed is as unique as you are.

Dad: Son, while there is a vast amount of genetic diversity, humans share a common genetic framework.

The total number of unique genetic codes is astronomical due to the complex combinations possible with the four DNA bases.

Also, genetic information is inherited and passed down through generations – as you know ;)

Son: A Bitcoin mnemonic seed is a unique word sequence generated from random numbers, mapped to a predefined set of words. BIP-85 allows you to derive a child seed from a parent seed.

Dad: Never thought about it that way!

#Bitcoin

Son: Dad, did you know that from 2100 to 2140, only two bitcoin will be mined! Think about it!!

40 years = two coins!

Dad: Son, these coins will be exorbitantly expensive.

Son: Exorbitantly expensive, yes, but measured against what?! Real Estate? Gold? Dollars?

#Bitcoin

Dad: Son, cam yuu hlp be to make a bitcorn paymentt?

Son: Dad, what's wrong? Are you drunk?!

Dad: Alk goood. coudl be, .. maybe jhst a little too muvh of that finee botttle, ..

Son: 4 things not to operate intoxicated:

1. Firearms

2. Heavy machinery

3. Vehicles

4. Bitcoin

That's my message for today, Dad. Talk tomorrow.

#Bitcoin

Son: Dad, did you know there are 241 valid seed phrases that contain only the same BIP39 word?

Dad: Son, it must have taken hours to test them all.

Son: LOL, no Dad, I used a little Python script for that.

Interestingly, the longer the seed (12, 15, 18 vs. 24 words), the fewer valid combinations there are. Of course, these seeds are for fun and testing ONLY!

Dad: Interesting! 24x bacon is my personal favorite. :-)

Son: Damn, I was just going to use that seed. ;-)

#Bitcoin

Dad: Son, what is Bitcoin's main use case?

Son: Hi Dad,

Use Bitcoin to run a global system of value and settlement.

This is no different than what gold was for 2,000 years and/or what the US dollar has been for the last 70 years or so.

Dad: So, is it both, the "value" and the "settlement"?

Son: Yes, both. And much more ...

#Bitcoin

Dad: Son, why not load the seed words into another wallet and spend all the Bitcoins twice?

Son: Hi Dad,

That's not how it works.

Bitcoins cannot be double spent.

Bill Gates once said: “Bitcoin is a technological tour de force.”

Think about it... Bitcoins are purely digital and at the same time something that cannot be copied.

Dad: That is indeed very impressive, son.

#Bitcoin

Dad: Son, what are "HD Bitcoin Wallets"?

Son: Dad, by definition, wallets are private key and public key management systems. In the beginning, every key pair used had to be backed up individually. That's why many have reused addresses, which is bad for privacy, as you know.

BIP-32 made Bitcoin better and introduced "HD wallets", which stands for "Hierarchical Deterministic", and not for "High Definition". With this BIP, it's possible to generate multiple addresses (public/private key pairs) derived from a single source of random data (=entropy).

Dad: Why was this introduced in the first place?

Son: It makes backing up the random bits of data much easier and safer, especially if combined with BIP-39, which introduced the mnemonic seed words, which is just entropy in a human-readable form.

#Bitcoin

Dad: Son, is it "cool storage" or "cold storage"?

Son: Hi Dad,

It's "cold storage".

The term does not matter, as long it's "your storage" and "your storage" is offline.

#Bitcoin

Son: Dad, Bitcoin scarcity is intensifying as soaring demand triggers an imminent explosion.

Dad: Son, so does this mean that a price explosion is imminent?

Son: The question is not if, but when.

#Bitcoin

Son: Dad, there's a major shift happening in how people see Bitcoin.

Dad: Son, what do you mean?

Son: Choosing a career as a Lawyer or Doctor is great, but those in the Bitcoin industry will gain tremendous respect in a few years. Everyone will be eager to work in that field.

#Bitcoin

Dad: Son, in addition to Bitcoin, you should invest in emergency supply. Buy water and stockpile food.

Get a hand crank radio.

You never know....

Son: Yes, Dad.

#Bitcoin

Son: Hi Dad,

Just a note regarding Bitcoin transaction fees.

Do not overpay them...

By reducing the fee you pay, you almost always reduce the fees other users have to pay.

Dad: Son, makes sense, if one is not in a hurry.

Son: Everybody wins, except the miners.

#Bitcoin

Dad: Son, what do you recommend to your friends?

Son: Hi Dad,

"Pay attention to Bitcoin and educate yourself." or "Invest in yourself, invest in Bitcoin."

Dad: Son, why exactly this recommendation?

Son: Because Bitcoin is the hardest money, the greatest monetary and technological revolution since the Internet itself. It's not a fad.

Dad: I also believe that Bitcoin will not go away.

Son: Bitcoin is here to stay — that's for sure – and it will transform money, the Internet and so much of the world around us. It's just starting...

#Bitcoin

Dad: Son, meanwhile, I have more trust in Bitcoin than in my bank.

Son: Hi Dad,

You are not the only one. With Bitcoin, you no longer need to trust any centralized entity or any counterparty.

Bitcoin is a trustless system.

Dad: Ironically, the vast majority of people still do not trust mathematics, cryptography and the protocols.

Son: Few understand this.

#Bitcoin

Son: Good morning, Dad.

Bitcoin is in top form today,

as yesterday,

and the day before.

I hope you are as well.

Dad: Son, good morning!

There is nothing to complain about. :-)

#Bitcoin

Dad: Son, today I learned two things:

1. The "Federal Reserve" is not federal, and

2. The "Federal Reserve" has no reserves.

Son: Hi Dad,

Mind-blowing, isn't it?

Fascinating that they still buy it.

Dad: The dollar? They?

Son: Yes, it is fascinating that so many people still buy and hold dollars.In contrast to the dollar, Bitcoin is a full reserve banking system, which is not federal either.This is good for Bitcoin.So, you better buy and hold some BTC instead of USD.

#Bitcoin

Son: Dad, volatility is _______________.

Dad: Son, that must be "nerve-wracking".

Volatility is nerve-wracking.

Son: For me, volatility is "the price for being early".

#Bitcoin

Son: Dad, when in comes to Bitcoin, there are two things you have to control.

1. Your emotions

2. Your private keys

Dad: Son, it is simple, but not easy.

#Bitcoin